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Allens advises Evolution Mining on sale of Edna May gold mine

22 September 2017

Allens has advised Evolution Mining Limited on the sale of its Edna May gold mine in Western Australia to a subsidiary of Ramelius Resources Limited for up to A$90 million.

The deal involves Ramelius Operations Pty Ltd (a wholly-owned subsidiary of Ramelius Resources Limited) making a A$40 million cash payment and up to A$50 million of contingent consideration comprising a royalty and cash and/or Ramelius shares.

Led by Partner Mark McAleer and M&A Counsel Andrew Wong, the sale follows Allens' work with Evolution Mining last year on its acquisition of an economic interest in the Ernest Henry Mine in Queensland and prior to that its acquisition of Cowal from Barrick.

'Evolution Mining is focused on delivering on its strategy of holding a portfolio of premium mining assets.

'We enjoy supporting the business as it executes on its strategy and look forward to continuing to work with the Evolution team,' said Mark McAleer.